Saturday, September 5, 2015

Campbell Soup simmers on a down day for stocks

After reporting better than expected financial results, the Camden-based food processor saw its shares rise slightly while the major stock indexes sagged on the latest jobs report.

Campbell Soup simmers on a down day for stocks


Bucking a down start to trading on the U.S. equity markets, shares of Campbell Soup Co. were higher after reporting adjusted results that exceeded analyst expectations.

In fact, the Camden-based food processor was one of just four companies in the Standard & Poor's 500 Index whose shares were rising in trading early Friday. Campbell Soup shares were up 21 cents, or 0.7 percent, to $32.07. The S&P 500 was down 1.6 percent following the release of a weak employment report for August.

Sales for the three months ended July 31 were $1.61 billion, up 6 percent from $1.52 billion for the fourth-quarter a year ago. Net income of $100 million, or 31 cents per share, was down 12 percent to $113 million, or 33 cents per share.

Financial results for the quarter were affected by restructuring actions, including exiting the Russian market, announced by Campbell Soup's new CEO Denise Morrison in July.

Sales of its namesake product line were down 9 percent in the quarter. Sales of Campbell's condensed soups were down 10 percent, while sales of its ready-to-serve products, including its Select Harvest brand, were down 5 percent.

Growth came from Campbell Soup's Global Baking and Snacking business unit where sales were $559 million in the fourth quarter, up 17 percent from the previous year. That unit includes its Pepperidge Farm products, such as Goldfish crackers.

Inquirer Columnist
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
Also on
letter icon Newsletter